French bank SocGen proposes new four-year term for CEO Oudea

PARIS (Reuters) - French bank Societe Generale (SOGN.PA) proposed on Thursday to re-appoint chief executive Frederic Oudea for a new four-year term as from 2019, and announced other top management changes following the departure of a deputy chief executive.

SocGen said it would propose the new terms for Oudea at the bank’s annual shareholder meeting in May 2019.

It added that deputy chief executive Bernardo Sanchez Incera would also leave the bank. Incera’s departure follows that of Didier Valet, a deputy chief executive in charge of investment banking, who quit in the middle of the bank’s negotiations with the U.S. authorities over a Libor rigging case.

SocGen added in its statement that Oudea would be supported by four deputy chief executives, who were all tapped internally.

Diony Lebot, currently Chief Risk Officer, would be in charge of areas such as compliance, general risk management and finance.

Philippe Aymerich, currently CEO of SocGen’s Crédit du Nord unit, will be responsible for the company’s French retail banking activities.

Severin Cabannes will overview SocGen’s investment bank, while Philippe Heim, currently Chief Financial Officer, will be in charge of international retail banking activities.